Middle East ETF News Older than One Year
Union National Bank gains despite MSCI exclusion
December 6, 2010-The Abu Dhabi market ADX added 0.14% to finish at 2,749.42 points. Shares of Union National Bank (UNB) surged 3.50%, closing at Dhs3.21. UNB was excluded from MSCI Barra's United Arab Emirates Index "due to low liquidity",
The National reported on Sunday, citing an unidentified MSCI spokesman. UNB announced today, on the other hand, that it has received approval from the Central Bank of Kuwait to open a branch in the Northern Gulf state. The oil and gas-bellwether Taqa ended 3.31% lower at Dhs1.46.
Source: AME Info
Kuwait bourse ends unchanged
December 6, 2010--While banks overall gained value at the Kuwait market KSE, weak performing real estate shares weighed on the KSE Price Index, closing 0.03% higher at 6,867.7 points.
Dar Al Thuraya Real Estate Co. bucked the sector trend and jumped 10.41% higher to reach KD0.0265. Kuwait achieved a budget surplus of KD5.6bn in the first seven months of the fiscal year which ends in March 2011, Gulf News reported.
Source: AME Info
Qatar Exchange rises 0.63%
December 6, 2010--The QE Index did not continue the rally from Sunday as it added 0.63% to close at 8530.63. Shares of Qatar Telecom, one of the mains sponsors of the 2006-held Asian Games in Doha,
gained 0.55% to close at QR182.50. Qatar National Bank gained 1.58% to finish at QR186.50.
Source: AME Info
DP World shares gain on high volumes
December 6, 2010--FTSE NASDAQ Dubai UAE 20 Index closed at 1822.520 today up 1.53%, from the previous close.
DP World added 0.67% to reach $0.603 as over 22m DPW shares changed hands. Interior designer Depa Ltd. gained 0.83%, closing at $0.725.
Source: AME Info
Tadawul market dips insignificantly
December 6, 2010--The Saudi Stock Exchange ended 0.04% lower at 6,400.8 points. Red Sea Housing posted the largest decline, closing down 2.88% at SR50.50. Saudi Printing & Packaging Company, which lost over a quarter of its value year-on-date, gained 2.88% to finish at SR12.35.
More than a fifth of all 1545 traded shares ended unchanged, while 45 stocks gained and 69 shares declined.
Dubai Gold And Commodities Exchange Weekly View-December 6, 2010
December 6, 2010-- Economic Data Overview
The December 6 week has a sparse data calendar and it will probably be the series of central bank announcements that will be the big news. After an extremely busy data schedule in the November 29 week, the calendar shifts to a few reports, most of which are second-tier in market interest. Friday is both the busiest day and the one with the most important economic data releases.
The data on the international trade deficit for October on Friday will do much to set expectations for the preliminary estimate of Q3 GDP when it is released on December 22. Demand for US goods abroad appears to be on the rise at a faster pace than that for goods imported to the US. If so, this means lower net exports in the GDP report.
The preliminary reading for the Reuters/University of Michigan Consumer Sentiment Index in December is also due Friday. Consumers' perception of conditions seems to be taking a turn for the better. The end of the election has reduced uncertainty, and there is more positive news on the economy to lift spirits, particularly in regard to the labour market. Both the Conference Board and University of Michigan measures showed marked improvement at the end of November, and this should continue into the first weeks of December.
The November indexes for import and export prices are also due Friday. The data is unadjusted. Imports are likely to gain on petroleum once again on higher oil prices. There may also be some impacts from foreign exchange rates. Export prices are likely to rise on gains in commodities like wheat, corn and soybeans. The value of the US dollar was generally more stable in November and should have a limited impact on prices.
Source: Dubai Gold And Commodities Exchange
KSE price index maintains downward trend
December 2, 2010-- Price index of Kuwait Stock ExchangeKuwait Stock Exchange (KSEKSE) dropped further in the Thursday session losing 39.9 points in the operations around 11 a.m. (local time) and putting the level at 6,810.6 points.
Volume of exchanged stocks has amounted to 59.9 million, at a value of KD 20.6 million, for up to 1,398 trades.
The price index of the national stock market (bourse) continued bleeding for the second consecutive day on Thursday, shedding 11.4 points in the early hours of today's session and falling to the level of 6,839.1 points. Early in the morning, the volume of the traded stocks amounted to 6.4 million, valued at KD 1.4 million, for up to 186 deals.
Source: Zawya
Islamic Financial Services Board to revise its rules
December 2, 2010--Rifaat Ahmed Abdel Karim, secretary-general of the Islamic Financial Services Board, an association of regulators in Muslim countries, has said the board will revise its rules next year to enhance Shari'ah-compliant banks' capital in line with Basel III reforms, Reuters has reported.
The aim of the changes is "not to put the Islamic financial services industry at a disadvantage and to provide them with a level playing field" relative to conventional banks but did not elaborate on possible revisions, he said. The IFSB would seek its council's approval in December to begin work next year on amending the regulations, with the process expected to be completed around 2013, he said.
Source: AME Info
CISI launches Islamic finance professional interest forum and announces fully sharia'a compliant IFQ exam and workbook
December 1, 2010--The CISI is launching a new Islamic finance professional interest forum (PIF) in conjunction with the Institute of Islamic Banking and Insurance (IIBI). From 2011, members of the Islamic finance forum will meet quarterly in London to network over lunch, listen to presentations and discuss issues affecting them in a confidential setting.
Events will be free for all members of the CISI (although students may only attend one Islamic finance forum each year) and IIBI members.
Mohammad Ali Qayyum, Director General of the IIBI, said: "We are pleased to be part of this PIF which will offer a unique platform for members of the CISI and IIBI to exchange views on issues vital for the continued development and growth of the Islamic financial services industry."
Source: AME Info
Kuwait forecasts 2011 GDP growth following 2010 stagnation
December 1, 2010-Last week, the governor of Kuwait's Central Bank said he expects GDP growth to continue in 2011, it having stalled in 2010. "For 2011 we expect between 3% and 4% and for this year I can say almost zero [growth]", Sheikh Salem Abdul Aziz Al-Sabah said in an interview.
Some are even more optimistic on Kuwait's immediate prospects for growth. The International Monetary Fund expects Kuwait's economy to grow 2.3% this year and 4.4% in 2011, according to figures on its website.
"Kuwait's story will be pretty similar to what goes on in the other GCC markets," says Syed Saqlain, research analyst, Mena Equities, at Kuwait Financial Centre.
Source: AME Info
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